Billing services provider buys cash application firm

By Eric Strauss,
July 17, 2014 at 8:03 AM

A Hamilton billing services provider announced Thursday that it has acquired a cash application development company based in Denver.

Billtrust, which provides outsourced billing solutions, said in a news release that it bought Open Scan Technologies, Inc., creating the first end-to-end invoice-to-cash infrastructure for business-to-business billers.

“From our inception, Billtrust has led the development of solutions that reduce the cost and complexity of presenting and paying bills electronically,” Flint Lane, founder and CEO of Billtrust, said in the release. “As part of that commitment, we’re continually searching for technologies to improve the full invoice-to-cash process.”

The two companies were working together in a partnership announced late in 2013.

“Cash application is a major challenge for most businesses, and it’s getting more complex with the continued growth in new forms of payment,” Lane said. “Our acquisition of Open Scan, provider of the country’s leading remittance processing platform, will help our clients complete the invoice-to-cash ‘round trip’ that culminates with accurate, speedy application of cash.”